One thing I can't quite understand is why RMD bother paying such a small dividend. It's so trivial relative to the share price and surely it would cost a fair bit to administer.

Given they pay out less than 1%pa and in 4 tranches, wouldn't it be more efficient to do it once or twice a year? Or not at all?

Would it be to get it into some ETF's or managed funds which require dividends?

Just seems a waste of time from my perspective.